FBR Capital's Daniel Ives, who has a Market Perform rating on J2's stock, wrote in a note to clients today that the acquisition gives J2 a significant growth opportunity.

... this deal should also give investors more comfort that j2 is focused on expanding its addressable market opportunity outside of its core bread and butter fax segment, a positive in our opinion. We maintain our Market Perform rating.

As of late afternoon, J2's stock was up 3%, trading at $30.23 per share.

In July, J2 signaled that it might do a deal like this when it issued $250 million in debt "for general corporate purposes, including acquisitions."